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Just did the pre approval got the I need call the phone number to verify some more information. I hope I get approved.
EX 621 TU 601 EQ 592
So, I signed up for the prequalification with capital one. This is the email I got when I sent them my pay information. Am I okay to go? I am kind of worried about getting denied when going into the dealership.
Thank you for submitting your requested documents, we've received and verified all of the documents you should need at the dealer! If you haven't already, compare your options using our Offer Calculator and then visit aneligible dealer.
Here's what's next:
Just a reminder, your pre-qualification offer expires on: 01/10/2016
Also, I did the autonavigator. It says the following:
Congratulations! You're pre-qualified for your next auto loan with Capital One.
With Auto Navigator, you can confidently shop for cars and know personalized monthly payments and APRs ahead of time.
Before you head to the dealer, take a moment to review the information included in this certificate.
Am I really okay to go? It says I am prequalified for up to $35000. I dont want to go into the dealership and have problems.
Does anyone have advice on what to do next to assure a smooth process?
Ok, it's been a couple of months since I did it and got my Acura (my very first car purchase) and I do believe you are set to go. But, I will say do what they tell you to do and bring a copy of the preapproval from their site to the dealership because, at least in my experience, the dealer wanted to have that copy. If you can look at cars on the dealership's site then do so. You can then see what they are selling it for and compare it to the max limit that Capital One will pay for a car. You can enter in the vehicle ID on their site and Capital One will tell you the max they will pay for it. I had a hard time with the dealership didn't have a great selection of cars to choose from but they went through their inventory, found a car, submitted to see if Capital One would ok the purchase since I wasn't putting a down payment and Capital One said yes. The car met their qualifications. If you just follow what Capital One says you should be good, but I do know that the dealership that I went to still ran my credit to see if I could get a better rate but didn't. I didn't like the 5 hits on my credit report but it is what it is. So, be prepared.
@tennischic wrote:So, I signed up for the prequalification with capital one. This is the email I got when I sent them my pay information. Am I okay to go? I am kind of worried about getting denied when going into the dealership.
Thank you for submitting your requested documents, we've received and verified all of the documents you should need at the dealer! If you haven't already, compare your options using our Offer Calculator and then visit aneligible dealer.
Here's what's next:
- Check your eligibility - see if you're pre-qualified for an auto financing offer with no risk to your credit score
- Compare your options - know the Annual Percentage Rate (APR) and estimated monthly payment for the vehicle you want
- Visit an eligible dealer - take your pre-qualified offer confirmation to any of the eligible dealers
- Complete your financing - complete your financing by filling out a credit application and signing a retail installment contract at the dealer
Just a reminder, your pre-qualification offer expires on: 01/10/2016
Also, I did the autonavigator. It says the following:
Congratulations! You're pre-qualified for your next auto loan with Capital One.
With Auto Navigator, you can confidently shop for cars and know personalized monthly payments and APRs ahead of time.
Before you head to the dealer, take a moment to review the information included in this certificate.
Am I really okay to go? It says I am prequalified for up to $35000. I dont want to go into the dealership and have problems.
Does anyone have advice on what to do next to assure a smooth process?
Why does someone need to fill out a credit application at the dealership if Cap One will be financing the car? Is this how people get tricked in to getting HPs by the dealership, too?
I believe it's for legal reasons. Even though you are approved through Capital One, legally you still have to complete the form at the dealership.
I'm not 100% sure but from what I had gathered before I went shopping you have to do it. Actually, some people ended up getting a lower rate than what Capital One was giving them so they went with the bank with the lower rate. Of course, some still got the lower rate with Capital One so they stuck with it.
Maybe someone knows more but that is what I had gathered.
Did you personally apped for DCU auto loan after Cap 1? or the dealer ran it via DCU?
I m just curious. I wanted to check both Cap 1 and DCU for better rates.
Does Capital One give everyone a range for interest rates? I was pre-approved but it says APR 1.99 - 7.12 depending on vehicle/amount financed & term length chosen. I doubt I will get the 1.99% but I'd really like to keep it as low as possible. Is there anywhere I could look to see what cars tend to have higher APR's?
@Anonymous wrote:
Minion - I may be mistaken, but I think APR varies based on the length of the loan. At least for Cap1. I did the prequal and put in several different VINs, but the APR only changed when I changed the length of the loan.
I did some more digging over the weekend. For my quote the breakdown is as follows. NEW CAR Low Miles - 1.99% 36 MONTHS, NEW / USED CAR 0-3 Years Old - 4.56% 36-60 MONTHS, USED CAR 4+ Years Old - 7.12% 72 MONTH
I was looking at 2008/2009 because I wanted to keep payments low, but now I'm think I may want to bump up to 2012/13's to get a better rate. I'm going to review my budget and see how that fits.
For those with Cap One financing, were you required to have a downpayment?
My car is dying a fast death. I was hoping to get a good few months in of working on my scores before applying for a car loan but I may have to do it sooner rather than later.
I too am hoping for low payments as I have 2 years of slightly elevated living expenses and then things should calm down after that and I can hopefully pay the loan off early.